“The rapid growth of digital currency market showcases colossal potential of stablecoins, with Brevan Howard Digital predicting their scale to reach several trillions. Stablecoins could financially assist the unbanked and underbanked, provide an economic safe haven, and even challenge global financial services.”
Search Results for: Fedwire
Decoding FedNow: U.S Federal Reserve’s Stand on CBDCs and Future of Instant Payment Services
The U.S. Federal Reserve’s new instant payment service, FedNow, set to launch in July 2023, is not associated with central bank digital currencies (CBDCs), but operates within the fiat ecosystem. Despite testing by numerous institutions and growing CBDC interest globally, the Federal Reserve reiterates, it requires legislative authorization before issuing a CBDC.
Custodia’s Battle with Federal Reserve: A Turning Point for Crypto Banks?
Crypto bank Custodia’s lawsuit against the Federal Reserve for allegedly delaying its master account application gains momentum following a Wyoming Judge’s refusal to dismiss the case. The outcome could significantly impact the future of crypto banks and traditional financial institutions, highlighting the importance of balancing innovation and regulatory oversight.
Wyoming’s Custodia Bank to Launch Bitcoin Custody Services Amid Federal Reserve Lawsuit
Custodia Bank is launching a Bitcoin custody service for clients, as announced by CEO Caitlin Long. The bank aims to link traditional financial systems with cryptocurrencies, promoting stability in the financial sector. Previously known as Avanti, Custodia Bank has provided digital asset services since 2020.